Kenya Power Profit Falls 25pct, Blames Costs in Adopting Renewable Energy.

Kenya Power Profit Falls 25pct, Blames Costs in Adopting Renewable Energy.

Kenya Power has issued a profit warning of up to 25 percent for the financial year ending June 30, 2019.

In a Thursday notice, the utility firm advised shareholders, potential investors, and the general public to expect a lower net earnings of more than 25 per cent compared to those reported last year same period.

“The drop in profits is attributable to among others, an increase in non-fuel costs in line with the company’s long term strategy of growing cheaper and cleaner renewable energy,” said Eng. Jared Othieno the acting Managing Director and chief executive.

He added that under the firm’s long strategy, cost of energy to consumers will be reduced and ensure long term profitability for the firm.

“The growth in renewable energy is aimed at enhancing the company’s sustainability and making power affordable while reducing dependency on thermal generation,” Othieno said.